Application of proceeds of disposal
35 Application of proceeds of disposal
This section applies—
for the purposes of section 566(b) of the Law; and
subject to sections 564(5) and 565(8) and (9) of the Law.
The proceeds of the disposal of a thing or sample under Division 3 of Part 9.4 of the Law are to be applied in payment of—
first—the Regulator’s expenses—
of disposal, including of retention for disposal; and
of searching any register for a relevant purpose, including to give notice of forfeiture or to find out if any action has to be taken in relation to the register; and
second, if there is an amount owing to the holder of a registered interest—the amount owing to the holder; and
last—the balance to the person who was the owner of the thing or sample before it became the property of the Regulator.
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